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Since June series, we witnessed a fabulous run in our market to clock fresh record high in every series. This winning streak finally ended in November series as we saw some consolidation in the initial two weeks and then after touching the 18200 mark, the selling got aggravated to correct 1000 points in merely six trading sessions. Eventually, we concluded the Festive series slightly above 17400.

Now let’s take a quick glance at the F&O activities. During the series, we saw a good amount of short formation especially in BankNifty which was a major dragger. Rollover for Nifty and BankNifty stood at 82.56% and 83.76% respectively, which is certainly above the three month average. This clearly indicates that bears are tightening their grip on market and are expecting further correction in the coming series. Surprisingly, stronger hands halted selling in index futures last week and opted to add some longs in recent correction and have also rolled-over these longs in the upcoming series. This has resulted their ‘Long Short Ratio’ surging from 54% to 70% now. However, they remained net sellers in equities for the November month. Considering the relentless selling by FIIs and short rollovers, we would maintain our recent cautious stance on market.

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